"Is everyone out there stupid or do you just want to go down in a total financial meltdown? "
simplytruth.com
Topic started by: Weknoz on 12, Jun 2008, 07:06*: GMT
Title: Tax Facts
Post by: Weknoz on 12,Jun 2008, 07:06*: GMT
Last week, President Obama reversed course once again and now wants to raise taxes on the "rich" making above $250,000 per year. Obama is in dire need of additional revenue after proposing a $3.8 trillion 2011 budget -- containing the largest deficit in U.S. history at an estimated $1.6 trillion. Yet his latest share-the-wealth proposals make little sense.
Obama never distinguishes between the super-rich and the well-off. At one point in justification, the president scoffed, "I don't need another tax cut, Warren Buffett doesn't need another tax cut."
But Warren Buffett, unlike the building contractor or family dentist, is the world's third-richest man, worth nearly $50 billion. And Obama is probably the most privileged person on the planet, with all of his expenses covered -- from a nice free mansion at 1600 Pennsylvania Avenue to a huge private jet.
The rich and the poor are not separated across an impenetrable barrier. The president's $250,000 line in the sand is actually quite fluid. Most of those who make incomes above it did not do so 10 years ago -- and they won't, on average, 10 years hence. The income of well-off professionals and small-business people fluctuates widely as they ascend, peak and descend in earnings -- given factors like health, age, and uncertainty in employment and business. It would be more accurate to say that raising taxes on the better-off is a sort of punishment for those who break into the top brackets for a few short years and try to be careful to save what they make and not spend what they don't.
The super-rich pay in taxes a far smaller percentage of their income than do the well-off. An array of blue-chip tax lawyers and Byzantine write-offs -- and paying at the capital gains rates rather than the income tax rates -- allows the Billionaires of the world to praise higher taxes while they connive to pay at lower rates than most others. The IRS, for example, reported that the 400 richest Americans paid only 17 percent in federal income tax. A corporation like General Electric -- run by Obama pal Jeffrey Immelt -- paid no taxes at all on its $14.2 billion in worldwide profits.
Nearly half of American households pay absolutely nothing in federal income tax. For them, the once-dreaded April 15 tax day is more a welcome time of tax credits, rebates and refunds. In February 2011, American households received more than $2.3 trillion in direct government support, more than was collected during those 28 days by the Treasury in personal taxes. In contrast, the now-demonized top 5 percent account for almost 60 percent of all federal income tax revenue -- a higher percentage than anywhere else in the Western world.
Until recently, falling revenue has not been the prime cause of these serial national deficits. In fact, the Treasury took in an all-time high of nearly $2.6 trillion in 2007. Unfortunately, wild spending has skyrocketed well above the pace of both inflation and annual revenue increases. Such profligacy ensures that even with a growing economy, increased tax revenues never match out-of-control spending.
If the president wishes to raise revenue, he might first close loopholes. That would ensure that those who owe taxes actually pay them. He could start with his own Cabinet. Treasury Secretary Timothy Geithner, who oversees the IRS, at one point did not pay his Social Security and Medicare taxes and took improper writes-offs. Attorney General Eric Holder, the nation's top law-enforcement official, did not pay long-overdue property taxes on a house he co-owned until recently chided to do so by the media. The husband of Labor Secretary Hilda Solis had overdue tax liens on property that went back 16 years. Cabinet nominee Tom Daschle withdrew from consideration due to past unpaid taxes.
So before raising taxes, the president might first urge the super-rich to pay their taxes at the income tax, rather than capital gains, rate. Next, he could remind his own Cabinet officers to pay all the taxes they owe. Then, he should offer to pay more of the first family's costs when they jet to luxury spots like Martha's Vineyard, Costa del Sol or Vail. And finally, he might ask the nearly 50 percent of Americans who now pay no income tax to pay at least 5 percent of their income in federal taxes -- to ensure that they see their government as a taker as well as a giver.
Do all that and we would have more money -- and the president would be less likely to declare, "I don't need another tax cut."
Fact: Per the 2008 IRS report (latest available ) In the USA; the top 2 % of wage earners those making over $250,000 pay about 40% of the tax; While the Bottom 40 % pay less than 2 % of the tax! {Now that is what I call fair... Huh!}
Even if Congress moved the tax rate up to 100% (all they make) on the top 1% {All Billionaires} that would only produce appox 410 Billion in taxes, which would not even dent the 1.66 Trillion US Nat'l Budget Deficit! The Nat'l Debt is closer to $14.0 Trillion now! So The answer is not getting the filthy rich to pay it all, because there is not enough money in the country now! The US is in deep debt and is only getting by due to our printing more money (which has no real backing) as the Dollar is the reserve currency of the world right now! But that is changing, as China and many of the Islamic countries are getting off the Dollar, then where are we going to be? If the US Dollar was not the reserve Currency of the world, we would not be able to just print more money! That is coming to an end as more countries stop wanting to take the US Dollar! HUH!
*** Inflation will reign and the US will not be a World Power; then all that wonderful stuff, like:
Big Houses. Expensive Cars, Fancy Vacations, Jewelry, Over priced cloths, ridiculous Entertainment, Big Sports and even much of the so called "we deserve it" welfare will stop!
Yet the answer coming from mainly one political party; the "They know better crowd" is to raise taxes on almost everyone makes over about $200K... This will not fix the problem folks...
The majority of the income tax is paid by the $25,00 to $100,000 group of workers, which now pay 48% of the Federal Income tax! Which group are you in? Refer to the table below for a list of who pay what!
Then there are those who claim that the present tax system is unfair to the lower class... HUH!! Most of the lower class, not only do not pay any Income Tax, but they are actually getting paid from the tax money taken from those who do, which is a redistribution of wealth! {And I thought it was an income tax; not a let 's take your money and give to someone else!}
The last available IRS report showed that only 47% of the people who actually filed a Tax Return paid any tax! So Less that half pay even any thing at all....
" This Republic will only last until they the non producers {non wage earners} come to acquire by the vote what they the producers have! "
Memories of Thomas Jefferson; 1808
This means that if this keeps up there will not be enough taxpaying citizens to support the lower half of non producing tax payers...
BTW: Corporations do not really pay Taxes, they only collect it for the IRS, from their customers or users... DUH!
Do you think we have about arrived at the end of the tax road for this country!?
The answer is Yes, we are Broke!
Then a summery from NTU.org
Title: Tax the rich or the Fair Tax?
Post by: Kerminator on 13, Apr 2011, 19:54*: GMT
*** Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service
Percentage of Federal Personal Income Tax Paid
Top 1% $380,354 38.02%
Top 5% $159,619 58.72%
Top 10% $113,799 69.94%
Top 25% $67,280 86.34%
Top 50% $33,048 97.30%
Bottom 50% <$33,048 2.7%
Does this give you a quick view of who pay what or how much?
With a present US national debt of over $1.66 Trillion
Even taxing the richest 1% @ 100% would only bring in about $410 Billion dollars
which is like trying to pay of your 1,66 Million dollar mortgage off with only 410 thousand dollars....
So folks there is not enough money in the pot! What we need is a different tax system; here is some info from the NTU Nat'l Taxpayers Union; Who track and look at the best method of collection and use of taxes: go to NTU.org
Why NTU Supports the Fairfax:
The Fair Tax Act would promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.
Legislative Status:
The Fair Tax has been reintroduced for the 111th Congress. It is H.R. 25 in the House and S. 296 in the Senate. NTU has endorsed the Fairfax since 1998 and continues to work for its adoption.
Benefits of the Fair Tax:
The Fair Tax plan brings fairness, transparency, and efficiency to our unfair, complex, and confusing Tax Code.
The FairTax rewards job creation, hard work, and individual responsibility. By doing away with payroll taxes, companies can afford to hire more employees and outsourcing looks less attractive. By taxing consumption instead of income, individuals are provided with a strong incentive to work hard because they keep more of what they earn. By taxing spending, the FairTax allows us to control how much tax we pay depending on our individual lifestyle choices.
The FairTax ensures that all Americans pay their fair share of taxes. The IRS currently admits to a 25 percent non-compliance rate with the Tax Code, often done unintentionally. By placing the tax at the point of sale, no individual or special interest group could evade taxes with the help of an expensive tax attorney or well-heeled lobbyist. Furthermore, we could stop making criminals out of ordinary Americans who prepare their tax returns incorrectly by mistake.
How the Plan Works:
The FairTax proposal is a comprehensive revenue plan that would eliminate most major federal income and payroll taxes, including personal, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes. On payday, every American would receive 100 percent of his or her paycheck, minus any state income taxes.
These federal taxes would be replaced by a national retail sales tax. Under the FairTax, the national sales tax rate initially would be 23 percent, with adjustments made to the rate in subsequent years.
The FairTax is progressive. To make this system fair for low-income Americans, all taxpayers would receive a monthly "rebate," so no one would pay taxes for consumption up to the poverty line.
The national retail tax would only be collected on new purchases, making "used" purchases tax-free. Additionally, business purchases would be exempt from the tax, thereby eradicating corporate tax compliance costs currently hidden in retail prices.
What You Can Do:
* Sign NTU's online petition.
* Download our FairTax flyer (PDF).
* Make a financial contribution to help spread the word about the FairTax.
* Visit FairTax.org for additional information.
* Watch this online video about the FairTax.
* Ask your Representative and Senators to cosponsor H.R. 25 and S. 296 and then vote for the FairTax when it reaches the floor.
*** What is going to take to get a majority of the US citizens to understand that the present Federal Tax systems SUX...
It has got to change folks; either there will be a total global finical meltdown with a real Grand Great Depression, and / or Islam will institute Shar'ia Law and everything you knew or cared about will be gone...
Either way the USA is like a plane flying at 35,000 ft, with low fuel, blown tires and no suitable runway in sight... It ain't pretty folks, but all this extra social government support has got to be limited or it will end itself! You could call it financial suicide!
For more details go to http://www.babylontoday.com/national_debt_clock.htm
What part of we are broke don't you understand?
Johann W. Goethe:
"None are so hopelessly enslaved as those who falsely believe that they are free."
|
CureZone
